Investing where Silicon Valley won't

Rachel Springate remembers a limited partner who heard her fund invested in women's health, including menopause, and asked whether that wasn't a niche.

"Wait, it's half the population," she said on the CEO.com Podcast. "It's definitely not a niche."

Springate is the co-founding general partner of Muse Capital, an early-stage venture fund she launched with Assia Grazioli-Venier in 2016. The firm invests in consumer technology across three sectors it calls care, play, and live: women's health, elderly care, childcare, women's sports, and the future of parenting. "We typically invest where Silicon Valley has not," she said. "Massive multi-billion dollar opportunities that have just traditionally lacked funding."

Muse was one of the first investors in Midi Health, a virtual clinic for women in perimenopause and menopause, and led its pre-seed round, Springate said. In February, Midi announced a $100 million Series D led by Goodwater Capital at a valuation above $1 billion.

Springate grew up in the UK and started in brand research, where an internship put her in rooms with marketing directors at Coca-Cola, Aston Martin, and Chanel. At 23 the founders of Quintessentially recruited her to build the corporate division of their luxury concierge business, whose pitch was that a man like Richard Branson knows everyone in London but needs someone on the ground in Tokyo, and she spent the next five or six years moving between cities every few months, selling the service to Fortune 500 brands, music labels, and football clubs like Chelsea, Manchester United, and Arsenal. Her team ended up powering the back of the Amex Centurion, the Black Card.

In 2012 she left, spent time in Asia, and met Troy Carter, then famous as Lady Gaga's manager. She asked what excited him. Technology and early-stage investing, he said. He had just invested in a company called Uber.

"What's Uber?" she remembers asking, "and more importantly, why are they letting you invest?"

Carter had early positions in Uber, Warby Parker, Dropbox, Snap, and Spotify. He told her few people had both the relationships and the business knowledge to do what he did. She moved to New York in 2013 and started a consultancy connecting early-stage technology companies to her old network, working for fees and sweat equity. Music streaming was just arriving in North America then, and SoundCloud was the biggest thing going. One client worked in audio recognition, and Springate helped it sign labels, DJs like Avicii and Calvin Harris, and the streaming platforms themselves. The woman across the table on the Spotify deal was Grazioli-Venier. They negotiated against each other for a year before closing it.

"At this point in our careers, we have made a lot of money for a lot of other people, mostly men," Springate said of the conversation that followed. "What's our legacy?"

Muse began as angel checks written behind their consulting work. Then Grazioli-Venier was diagnosed with breast cancer. Springate moved in with her through the six-month double mastectomy process. Grazioli-Venier recovered, and the two came out of it with the question that became the fund.

"Why is it that we have Uber, Instacart, et cetera, yet we don't have services like this in something as important as healthcare?" Springate said. "And more importantly, what's going on with women's health?"

They raised their first fund at the end of 2018 and their second through COVID and the downturn that followed. "We were honestly laughed out of rooms," she said. The firm now counts more than 50 investments, including CoFertility, Mahmee, Eli Health, and Conceivable Life Sciences, and more than 70 percent of its companies are led by female or underrepresented founders.

Companies founded solely by women took in one percent of all capital invested in US venture-backed startups in 2024, according to PitchBook's female founders dashboard, down from two percent the year before. Springate traces the number upstream. Women hold a small share of venture roles, and by her count only a sliver of those can write checks, so a female founder pitching a product built on her own experience hears some version of "let me ask my wife." The limited partners who fund the funds skew the same way. "The whole system breaks," she said.

What she is watching is the money itself. By 2030, American women are expected to control much of the $30 trillion in financial assets held by baby boomers, according to McKinsey. Whether that changes anything depends on education, she argues, particularly in family offices where daughters are inheriting businesses their fathers and brothers ran.

"The only way this is going to change is if people like us are successful," she said. "We have to show that you can invest in these horribly overlooked, underfunded sectors and make a lot of money."

In April, Muse and its advisory arm, Muse Sport, launched Optima, a program that brings the firm's women's health companies into professional sports to work directly with athletes. It launched with the Red Bull Italy SailGP team.

Ask her what she looks for in founders, and the first word is grit. "Everybody can have an idea," she said. The diligence question is what have you actually done. She wants founders self-aware enough to hire against their own weaknesses. "I get red flags when I hear an entrepreneur that thinks they can do everything." Beyond the founder, she weighs team, timing, and TAM, and a great team building at the wrong moment fails as surely as a great market handed to the wrong team.

Every CEO.com Podcast interview ends with the same question, built on the belief that the chances one gives are just as important as the chances one takes. Who gave you a chance?

Springate named her parents, and her immigrant mother's insistence on making the most of opportunities that family members would have killed for. She named Carter. And she named Grazioli-Venier.

"We took a chance on each other," she said. "Given what we've been through both personally and professionally over the last decade or so, we feel like we're bulletproof at this point. Throw anything at us, personal, professional, we've figured it out."

00:00:00 Introduction and Welcome
00:00:46 Overview of Muse Capital
00:02:48 Early Challenges and Market Gaps
00:03:19 Rachel's Non-Linear Path to VC
00:04:46 Role at Quintessentially
00:07:13 Meeting Troy Carter
00:09:49 Partnership with Asia and Formation of Muse Capital
00:11:04 Personal Challenges and Impact on Business
00:13:36 Raising the First Fund
00:15:12 Gender Disparities in VC Funding
00:18:02 Future Wealth Transfer to Women
00:19:06 Muse Capital's Focus for the Next Decade
00:22:18 Traits of Great Entrepreneurs and Leaders
00:24:16 Acknowledging Those Who Gave a Chance

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Mhm.

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Um,<00:03:36.646> But<00:03:36.743> honestly,<00:03:37.208> I<00:03:37.304> think—<00:03:39.134> I<00:03:39.150> hope<00:03:39.792> it's<00:03:40.017> inspiring<00:03:40.434> for<00:03:40.595> other<00:03:40.755> people,<00:03:41.269> because<00:03:41.702> I<00:03:41.718> think<00:03:42.119> the<00:03:42.264> idea<00:03:43.869> of<00:03:43.965> becoming<00:03:44.447> a<00:03:44.463> venture<00:03:44.768> capitalist<00:03:45.394> was<00:03:45.474> just<00:03:45.666> not<00:03:46.276> ever,<00:03:46.838> like,<00:03:47.175> on<00:03:47.320> the<00:03:47.416> table<00:03:47.753> for<00:03:47.962> me.

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Um,<00:03:50.369> and<00:03:51.412> hopefully<00:03:51.910> it<00:03:51.990> will<00:03:52.857> teach<00:03:53.114> people<00:03:53.435> that<00:03:53.659> you<00:03:53.691> don't<00:03:53.916> necessarily<00:03:54.542> have<00:03:54.799> to<00:03:54.943> have<00:03:55.521> a<00:03:55.585> certain<00:03:55.906> background<00:03:56.484> to<00:03:56.821> succeed<00:03:57.993> in,<00:03:58.635> um,<00:03:59.453> in<00:03:59.518> a<00:03:59.534> particular<00:04:00.079> industry.

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So<00:04:02.182> That<00:04:02.568> non-linear<00:04:03.211> path<00:04:03.725> started—<00:04:04.609> so<00:04:04.737> I'm<00:04:04.882> from<00:04:04.995> the<00:04:05.075> UK<00:04:05.557> originally,<00:04:06.441> grew<00:04:06.586> up<00:04:06.746> there,<00:04:06.988> went<00:04:07.164> to<00:04:07.325> school<00:04:07.582> there,<00:04:07.711> went<00:04:07.872> to<00:04:07.952> university<00:04:08.514> there,<00:04:09.414> graduated<00:04:10.073> and<00:04:10.154> started<00:04:10.764> my<00:04:10.990> career<00:04:11.730> in<00:04:12.229> brand<00:04:12.535> research<00:04:13.050> of<00:04:13.179> all<00:04:13.276> things.

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And<00:04:14.161> through<00:04:14.403> that,<00:04:15.352> I<00:04:15.433> was<00:04:15.674> able<00:04:15.948> to<00:04:16.399> build<00:04:16.640> relationships<00:04:17.542> with<00:04:18.347> marketing<00:04:18.685> directors<00:04:19.152> of<00:04:19.232> Fortune<00:04:19.715> 500s,<00:04:22.247> everybody<00:04:22.508> from<00:04:22.818> like<00:04:22.997> Coca-Cola<00:04:23.894> to<00:04:24.790> Aston<00:04:25.116> Martin<00:04:25.687> to<00:04:25.850> Chanel.

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And<00:04:27.708> that<00:04:27.789> was<00:04:27.887> a<00:04:27.903> very<00:04:28.132> fortuitous<00:04:29.332> internship<00:04:30.134> really<00:04:30.519> where<00:04:31.016> I<00:04:31.176> built<00:04:31.401> these<00:04:31.561> relationships.

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And<00:04:33.663> because<00:04:34.048> of<00:04:34.144> that,<00:04:35.171> after<00:04:35.411> I<00:04:35.508> graduated,<00:04:37.352> the<00:04:37.432> founders<00:04:37.914> of<00:04:38.010> my<00:04:38.154> next<00:04:38.459> company<00:04:39.678> heard<00:04:39.919> that<00:04:40.015> I<00:04:40.079> had<00:04:40.304> all<00:04:40.336> of<00:04:40.464> these<00:04:40.625> relationships<00:04:41.988> and<00:04:42.084> said,<00:04:42.726> hey,<00:04:42.950> would<00:04:43.047> you<00:04:43.111> like<00:04:43.287> to<00:04:43.432> join<00:04:43.688> us?

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And<00:04:44.410> these<00:04:44.715> were<00:04:44.747> the<00:04:44.875> founders<00:04:45.838> of<00:04:46.014> a<00:04:46.094> company<00:04:46.479> called<00:04:46.720> Quintessentially.

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And<00:04:48.340> this<00:04:48.565> is<00:04:48.805> a<00:04:49.607> global<00:04:50.024> luxury<00:04:50.570> lifestyle<00:04:50.923> management<00:04:51.388> company.

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Typically<00:04:52.511> they<00:04:52.591> look<00:04:52.896> after<00:04:53.152> high<00:04:53.329> net<00:04:53.618> worth.

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Think<00:04:54.516> of<00:04:54.612> a<00:04:54.676> Richard<00:04:54.997> Branson,<00:04:55.478> for<00:04:55.623> example,<00:04:56.280> in<00:04:57.147> the<00:04:57.243> UK,<00:04:57.949> he<00:04:58.046> would<00:04:58.206> know<00:04:58.688> everyone<00:04:59.009> and<00:04:59.169> everything.

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But<00:05:00.036> if<00:05:00.132> he<00:05:00.277> traveled<00:05:00.614> to<00:05:00.758> Tokyo,<00:05:01.175> to<00:05:01.336> Rio,<00:05:01.721> to<00:05:01.801> Tel<00:05:01.978> Aviv,<00:05:02.941> we<00:05:03.021> had<00:05:03.182> people<00:05:03.406> on<00:05:03.487> the<00:05:03.567> ground<00:05:03.888> that<00:05:03.968> could<00:05:04.129> look<00:05:04.369> after<00:05:05.573> whatever<00:05:05.766> needs<00:05:06.151> he<00:05:06.231> had.

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And<00:05:07.676> so,<00:05:08.703> uh,<00:05:09.521> they<00:05:09.762> found<00:05:10.099> me.

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I<00:05:10.420> think<00:05:10.565> I<00:05:10.629> was<00:05:10.725> 23<00:05:11.126> years<00:05:11.287> old<00:05:11.447> at<00:05:11.528> the<00:05:11.608> time<00:05:12.250> and<00:05:12.394> said,<00:05:13.534> hey,<00:05:13.759> you<00:05:13.855> know<00:05:14.015> all<00:05:14.096> these<00:05:14.256> brands,<00:05:14.802> we'd<00:05:14.898> like<00:05:15.075> to<00:05:15.155> start<00:05:15.765> the<00:05:15.925> corporate<00:05:16.262> division<00:05:16.744> of<00:05:16.840> our<00:05:16.904> company.

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So<00:05:17.723> instead<00:05:17.948> of<00:05:18.028> working<00:05:18.333> with<00:05:18.429> high<00:05:18.590> net<00:05:18.750> worth<00:05:18.911> individuals,<00:05:19.456> work<00:05:19.633> with<00:05:19.793> Fortune<00:05:20.114> 500s,<00:05:20.660> their<00:05:20.772> C-level,<00:05:21.318> but<00:05:21.479> also<00:05:21.784> with<00:05:21.944> their<00:05:22.040> top<00:05:22.682> clients.

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And<00:05:24.285> so<00:05:24.926> I<00:05:24.990> just<00:05:25.166> thought,<00:05:25.327> wow,<00:05:26.032> this<00:05:26.192> is<00:05:26.272> great.

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Um,<00:05:27.410> I<00:05:27.426> always<00:05:27.587> wanted<00:05:27.971> to<00:05:28.132> travel<00:05:28.997> and<00:05:29.510> it<00:05:29.654> was<00:05:29.799> a<00:05:29.895> global<00:05:30.295> role.

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And<00:05:31.578> so,<00:05:32.844> you<00:05:32.876> know,<00:05:33.020> I<00:05:33.100> just<00:05:33.245> started<00:05:33.581> to<00:05:33.725> talk<00:05:33.966> to<00:05:34.078> my<00:05:34.847> prior<00:05:35.168> network<00:05:35.825> about<00:05:36.787> this<00:05:36.963> service<00:05:37.813> and<00:05:38.710> ended<00:05:38.951> up<00:05:39.111> being<00:05:39.271> with<00:05:39.432> them<00:05:39.736> for<00:05:40.009> quite<00:05:41.099> some<00:05:41.275> time.

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I<00:05:41.643> think<00:05:41.756> 5,<00:05:42.076> 5,<00:05:42.798> 6<00:05:43.102> years.

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Um,<00:05:44.641> got<00:05:44.801> to<00:05:44.945> live<00:05:45.106> and<00:05:45.186> travel<00:05:45.827> all<00:05:45.987> over<00:05:46.147> the<00:05:46.244> world.

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So<00:05:47.029> I<00:05:47.189> was<00:05:47.927> going<00:05:48.167> to<00:05:48.263> different<00:05:48.568> cities<00:05:49.513> every<00:05:49.690> few<00:05:49.930> months<00:05:50.892> working<00:05:51.197> with<00:05:51.277> the<00:05:51.373> local<00:05:51.678> teams<00:05:52.175> that<00:05:52.256> could<00:05:52.416> speak<00:05:52.657> the<00:05:52.753> language.

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And,<00:05:55.047> you<00:05:55.079> know,<00:05:55.287> things<00:05:55.480> like<00:05:55.624> going<00:05:55.929> to<00:05:56.025> Milan<00:05:56.731> and<00:05:57.068> working<00:05:57.453> with<00:05:57.549> the<00:05:57.870> Gucci<00:05:58.191> Group,<00:05:58.656> Armani,<00:05:59.250> Ferrari,<00:05:59.875> and<00:05:59.955> then<00:06:00.116> having<00:06:00.581> the<00:06:00.677> teams<00:06:01.463> locally<00:06:01.880> translate.

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And<00:06:04.223> I<00:06:04.367> got<00:06:04.527> to<00:06:04.608> do<00:06:04.768> this<00:06:04.944> across<00:06:05.313> 3<00:06:05.474> continents<00:06:06.516> and<00:06:07.415> built<00:06:07.816> a<00:06:07.832> pretty<00:06:08.361> extraordinary<00:06:08.939> network.

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And<00:06:10.623> it<00:06:10.687> wasn't<00:06:10.944> just<00:06:11.249> Fortune<00:06:11.586> 500<00:06:12.067> brands,<00:06:12.708> it<00:06:12.853> was<00:06:13.110> also<00:06:14.650> celebrities<00:06:15.436> in<00:06:15.516> the<00:06:15.580> music<00:06:15.917> industry,<00:06:18.083> some<00:06:18.243> of<00:06:18.308> the<00:06:18.388> music<00:06:18.709> labels.

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And<00:06:20.170> funny,<00:06:20.411> my<00:06:20.652> overlap<00:06:21.117> to<00:06:21.214> sport<00:06:21.920> was<00:06:22.659> working<00:06:23.125> with<00:06:24.827> clubs<00:06:25.132> like<00:06:25.308> Chelsea,<00:06:25.950> Man<00:06:26.127> United,<00:06:27.299> Arsenal<00:06:27.701> for<00:06:27.829> their<00:06:27.958> kind<00:06:28.182> of<00:06:28.263> VIPs<00:06:29.082> and<00:06:29.467> even<00:06:29.563> for<00:06:29.724> their<00:06:29.884> players.

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And<00:06:31.329> so<00:06:31.731> it<00:06:31.972> was<00:06:32.116> a<00:06:32.132> pretty<00:06:32.389> amazing<00:06:32.935> role<00:06:33.176> to<00:06:33.320> have,<00:06:33.963> you<00:06:34.075> know,<00:06:34.300> in<00:06:34.380> your<00:06:34.685> early<00:06:34.846> 20s.

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And<00:06:37.270> probably<00:06:37.575> the<00:06:37.640> most<00:06:37.993> famous<00:06:38.378> deal<00:06:38.555> that<00:06:38.715> people<00:06:38.956> would<00:06:39.101> know<00:06:39.213> about<00:06:39.679> is<00:06:40.305> the<00:06:40.385> Black<00:06:40.963> Amex<00:06:41.349> card.

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So<00:06:41.927> the<00:06:42.071> Amex<00:06:42.264> Centurion<00:06:43.917> We<00:06:44.014> were<00:06:44.158> actually<00:06:44.431> the<00:06:44.559> company<00:06:45.040> that<00:06:45.137> ended<00:06:45.377> up<00:06:45.778> powering<00:06:46.661> the<00:06:46.741> back<00:06:46.981> of,<00:06:47.623> you<00:06:47.703> know,<00:06:47.928> the<00:06:47.960> back<00:06:48.185> of<00:06:48.329> that.

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And<00:06:48.907> so<00:06:50.832> it<00:06:50.896> was<00:06:50.992> a<00:06:51.008> lot<00:06:51.153> of<00:06:51.233> fun.

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I<00:06:52.580> think<00:06:52.837> in<00:06:52.917> your<00:06:53.062> early<00:06:53.318> 20s<00:06:53.655> when<00:06:53.864> you<00:06:53.976> have<00:06:54.666> little<00:06:54.907> responsibility,<00:06:55.885> it's<00:06:56.062> a<00:06:56.126> great<00:06:56.832> opportunity<00:06:57.634> and<00:06:57.714> it's<00:06:57.874> how<00:06:58.131> I<00:06:58.292> built<00:06:58.532> my<00:06:58.628> network<00:06:59.960> and<00:07:00.682> roll<00:07:00.858> forward.

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Corporate<00:07:02.623> ended<00:07:02.784> up<00:07:02.944> being,<00:07:03.185> you<00:07:03.265> know,<00:07:03.377> significant<00:07:04.067> part<00:07:04.532> of<00:07:04.628> that<00:07:04.869> company,<00:07:06.137> but<00:07:06.393> I<00:07:06.409> didn't<00:07:06.554> think<00:07:06.778> I<00:07:06.794> was<00:07:06.955> going<00:07:07.051> to<00:07:07.115> be<00:07:07.179> able<00:07:07.292> to<00:07:07.436> go<00:07:07.596> any<00:07:07.693> further<00:07:08.238> and<00:07:08.334> so<00:07:08.960> ended<00:07:09.185> up<00:07:09.682> leaving.

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This<00:07:10.645> was<00:07:10.805> 2012,<00:07:12.634> I<00:07:12.730> think.

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Um,<00:07:14.574> and<00:07:14.638> I<00:07:14.735> found<00:07:14.959> myself<00:07:15.440> in<00:07:15.600> Asia<00:07:15.937> for<00:07:16.097> a<00:07:16.113> little<00:07:16.402> bit,<00:07:17.204> and<00:07:17.845> I<00:07:17.861> was<00:07:18.037> introduced<00:07:18.647> to<00:07:18.743> somebody<00:07:19.368> who<00:07:20.330> changed<00:07:20.570> my<00:07:20.667> life,<00:07:21.933> um,<00:07:22.831> a<00:07:22.911> guy<00:07:23.633> called<00:07:23.857> Troy<00:07:24.258> Carter.

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And<00:07:25.797> Troy,<00:07:26.743> back<00:07:27.000> in<00:07:27.144> 2012,<00:07:28.122> was<00:07:28.346> famous<00:07:28.763> for<00:07:28.843> being<00:07:29.084> Lady<00:07:29.308> Gaga's<00:07:29.709> manager,<00:07:31.393> and<00:07:31.729> at<00:07:31.809> the<00:07:31.890> time<00:07:32.194> she<00:07:32.290> was<00:07:32.451> the<00:07:32.531> biggest<00:07:32.771> pop<00:07:32.948> star<00:07:33.268> in<00:07:33.413> the<00:07:33.493> world.

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And<00:07:34.920> so,<00:07:35.721> um,<00:07:37.180> I<00:07:37.261> just<00:07:37.501> innocently<00:07:37.902> just<00:07:38.126> sat<00:07:38.303> with<00:07:38.447> him<00:07:38.704> and<00:07:38.848> said,<00:07:38.944> what's<00:07:39.120> exciting<00:07:39.746> to<00:07:39.906> you?

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And<00:07:40.243> he<00:07:40.387> said,<00:07:40.627> technology<00:07:41.189> and<00:07:41.269> early<00:07:41.429> stage<00:07:41.814> investing.

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And<00:07:43.017> I<00:07:43.098> was<00:07:43.226> fascinated.

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I<00:07:44.704> was<00:07:44.833> like,<00:07:44.945> wow,<00:07:46.070> you're<00:07:46.150> a<00:07:46.166> music<00:07:46.488> manager?

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What<00:07:47.693> do<00:07:47.757> you<00:07:47.838> mean?

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And<00:07:48.962> he<00:07:49.059> said,<00:07:49.460> look,<00:07:49.605> I've<00:07:49.685> been<00:07:49.782> spending<00:07:50.167> a<00:07:50.183> lot<00:07:50.328> of<00:07:50.408> time<00:07:50.681> in<00:07:50.746> Silicon<00:07:51.147> Valley,<00:07:52.256> and,<00:07:53.220> um,<00:07:53.959> I<00:07:54.040> just<00:07:54.361> invested<00:07:54.779> into<00:07:55.004> this<00:07:55.164> incredible<00:07:55.550> company<00:07:56.032> you<00:07:56.112> should<00:07:56.241> know<00:07:56.450> about<00:07:56.691> called<00:07:58.522> Uber.

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What's<00:08:00.129> Uber?

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And<00:08:00.547> more<00:08:00.708> importantly,<00:08:01.109> why<00:08:01.254> are<00:08:01.286> they<00:08:01.415> letting<00:08:01.591> you<00:08:01.688> invest?

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And<00:08:03.439> he<00:08:03.600> just<00:08:03.776> explained<00:08:04.323> that,<00:08:04.628> you<00:08:04.660> know,<00:08:04.789> he<00:08:04.885> was<00:08:05.046> leveraging<00:08:05.447> his<00:08:05.688> network,<00:08:06.331> and<00:08:06.894> he<00:08:06.990> was<00:08:07.135> the<00:08:07.215> one<00:08:07.520> that<00:08:07.681> got<00:08:08.018> a<00:08:08.083> lot<00:08:08.259> of<00:08:09.126> big<00:08:10.281> celebrities<00:08:10.987> into<00:08:11.227> that<00:08:11.452> deal,<00:08:11.708> which<00:08:11.949> was<00:08:12.109> not<00:08:12.350> a<00:08:12.430> bad<00:08:12.735> deal.

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And<00:08:13.473> he<00:08:13.537> was<00:08:13.633> just<00:08:13.857> one<00:08:14.018> of<00:08:14.114> the<00:08:14.274> original<00:08:14.836> people<00:08:15.301> from<00:08:16.279> kind<00:08:16.440> of<00:08:17.562> Los<00:08:17.787> Angeles<00:08:18.589> who,<00:08:18.845> you<00:08:18.925> know,<00:08:19.166> spotted<00:08:19.551> what<00:08:19.615> was<00:08:19.727> happening<00:08:20.208> in<00:08:20.305> Silicon<00:08:20.706> Valley<00:08:21.876> and,<00:08:22.534> you<00:08:22.694> know,<00:08:22.774> really<00:08:22.999> became<00:08:23.336> this<00:08:23.496> catalyst<00:08:24.138> between,<00:08:24.924> you<00:08:24.956> know,<00:08:25.565> culture<00:08:26.062> and<00:08:26.142> technology.

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And<00:08:27.682> he<00:08:27.810> didn't<00:08:27.987> just<00:08:28.211> invest<00:08:28.692> in<00:08:29.190> Uber.

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He<00:08:30.152> was<00:08:30.376> in<00:08:30.858> Warby<00:08:31.178> Parker,<00:08:31.579> Dropbox,<00:08:32.012> Snap,<00:08:32.493> Spotify,<00:08:33.985> you<00:08:34.017> know,<00:08:34.081> one<00:08:34.226> of<00:08:34.338> the<00:08:34.707> most<00:08:34.947> successful<00:08:35.444> super<00:08:35.829> angels<00:08:36.487> and<00:08:36.872> an<00:08:36.952> incredible<00:08:37.449> guy.

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And<00:08:38.717> It<00:08:38.749> was<00:08:38.845> like<00:08:39.054> in<00:08:39.199> that<00:08:39.311> moment<00:08:39.793> that<00:08:39.954> my<00:08:40.034> mind<00:08:40.564> was<00:08:40.741> just<00:08:41.528> blown.

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And<00:08:43.617> I<00:08:43.633> remember<00:08:44.259> sitting<00:08:44.597> with<00:08:44.677> Troy<00:08:44.998> and<00:08:45.079> saying,<00:08:45.384> hey,<00:08:46.187> I<00:08:46.267> have<00:08:46.460> a<00:08:46.524> pretty<00:08:46.765> big<00:08:46.926> network.

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How<00:08:47.890> do<00:08:48.035> I,<00:08:48.581> you<00:08:48.613> know,<00:08:48.758> get<00:08:48.918> into<00:08:49.095> this<00:08:49.256> space?

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And<00:08:49.802> he's<00:08:49.930> like,<00:08:50.220> Rachel,<00:08:50.685> you<00:08:50.766> should.

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There's<00:08:51.826> very<00:08:52.067> few<00:08:52.292> people<00:08:52.469> like<00:08:52.694> us<00:08:52.790> in<00:08:52.886> Silicon<00:08:53.336> Valley<00:08:53.658> who<00:08:53.690> don't<00:08:53.915> just<00:08:54.059> have<00:08:54.718> the<00:08:54.766> relationships<00:08:55.746> but<00:08:55.843> the<00:08:55.987> business<00:08:56.357> knowledge<00:08:56.646> to<00:08:56.790> get<00:08:57.288> this<00:08:57.449> done.

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And<00:08:58.911> so<00:08:59.779> in<00:08:59.859> that<00:09:00.084> life-changing<00:09:01.128> moment,<00:09:01.690> I<00:09:01.707> remember<00:09:02.188> coming<00:09:02.429> back<00:09:02.654> to<00:09:02.751> the<00:09:02.831> UK,<00:09:03.249> speaking<00:09:03.618> to<00:09:03.699> friends<00:09:04.036> that<00:09:04.116> work<00:09:04.357> with<00:09:04.470> startups.

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Venture<00:09:05.867> capital<00:09:06.285> firms<00:09:06.847> and<00:09:06.895> saying,<00:09:07.168> how<00:09:07.409> does<00:09:07.569> this<00:09:07.810> all<00:09:07.890> work?

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And<00:09:09.898> inspired,<00:09:11.985> I<00:09:12.065> ended<00:09:12.370> up<00:09:12.483> moving<00:09:12.788> to<00:09:12.884> New<00:09:13.013> York.

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So<00:09:14.233> this<00:09:14.394> was<00:09:14.554> 2013,<00:09:16.625> and<00:09:17.204> I<00:09:17.284> decided<00:09:17.621> to<00:09:17.749> start<00:09:18.006> a<00:09:18.071> consultancy<00:09:19.034> that<00:09:19.130> was<00:09:19.387> essentially<00:09:19.853> working<00:09:20.190> with<00:09:20.479> early-stage<00:09:20.897> technology<00:09:21.298> companies,<00:09:22.326> but<00:09:22.422> then<00:09:22.583> leveraging<00:09:23.064> my<00:09:23.369> old<00:09:23.610> network<00:09:24.028> to<00:09:24.124> help<00:09:24.349> these<00:09:24.509> companies<00:09:24.975> grow.

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So<00:09:26.597> a<00:09:26.661> partnership<00:09:27.159> with<00:09:27.255> a<00:09:27.319> Fortune<00:09:27.641> 500,<00:09:28.363> a<00:09:28.443> partnership<00:09:29.005> with<00:09:29.583> a<00:09:29.648> celebrity,<00:09:30.756> and<00:09:30.836> I<00:09:30.932> would<00:09:31.077> do<00:09:31.173> that<00:09:31.478> for<00:09:31.591> sweat<00:09:31.896> equity<00:09:32.297> and<00:09:32.458> consultancy.

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And<00:09:33.646> that<00:09:33.806> was<00:09:34.304> literally<00:09:34.706> my<00:09:35.091> pivot<00:09:35.508> into<00:09:35.814> tech.

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And<00:09:38.864> after<00:09:39.346> doing<00:09:39.539> that,<00:09:40.229> um,<00:09:41.610> this<00:09:41.931> was,<00:09:42.477> this<00:09:42.638> was<00:09:42.750> a<00:09:42.814> time<00:09:43.135> when<00:09:43.280> music<00:09:43.537> streaming<00:09:43.938> was<00:09:44.099> just<00:09:44.324> coming<00:09:44.821> into<00:09:45.849> North<00:09:46.026> America.

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So<00:09:46.684> Spotify<00:09:47.150> was<00:09:47.631> launching<00:09:47.952> in<00:09:48.065> North<00:09:48.193> America,<00:09:48.996> Apple<00:09:49.221> Music<00:09:49.622> was<00:09:49.783> launching,<00:09:50.377> SoundCloud<00:09:50.907> was<00:09:51.003> kind<00:09:51.164> of<00:09:51.196> the<00:09:51.308> biggest<00:09:51.565> thing<00:09:51.790> if<00:09:51.886> you<00:09:52.272> remember<00:09:52.609> that<00:09:52.834> time.

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And,<00:09:54.359> um,<00:09:54.696> I<00:09:54.760> had<00:09:54.873> a<00:09:54.937> client<00:09:56.061> that<00:09:56.141> was<00:09:56.286> at,<00:09:56.527> uh,<00:09:56.784> in<00:09:56.944> the<00:09:57.345> audio<00:09:57.570> recognition<00:09:58.132> space,<00:09:59.337> and<00:10:00.236> I<00:10:00.316> ended<00:10:00.541> up<00:10:00.701> helping<00:10:01.103> them<00:10:01.263> do<00:10:01.745> their<00:10:01.922> deals<00:10:02.146> with<00:10:02.242> the<00:10:02.387> labels,<00:10:03.445> their<00:10:03.525> deals<00:10:03.846> with<00:10:03.990> all<00:10:04.086> the<00:10:04.166> big<00:10:04.423> DJs<00:10:04.888> of<00:10:04.984> the<00:10:05.113> time.

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So<00:10:05.529> I<00:10:05.610> think<00:10:05.850> Avicii,<00:10:06.251> Calvin<00:10:06.636> Harris,<00:10:06.973> etc.,<00:10:07.374> to<00:10:07.438> get<00:10:07.614> them<00:10:07.774> to<00:10:08.736> adapt<00:10:09.202> the<00:10:09.282> platform.

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And<00:10:10.597> then<00:10:10.741> most<00:10:11.046> importantly,<00:10:12.809> integrating<00:10:13.306> that<00:10:13.467> technology<00:10:14.108> into<00:10:14.830> the<00:10:14.910> big<00:10:15.391> streaming<00:10:15.728> services.

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And<00:10:17.315> actually,<00:10:17.636> the<00:10:17.796> woman<00:10:18.101> that<00:10:18.181> I<00:10:18.293> met<00:10:18.999> to<00:10:19.304> do<00:10:19.961> the<00:10:20.041> deal<00:10:20.266> with<00:10:20.426> for<00:10:20.522> Spotify<00:10:21.549> is<00:10:21.805> Asia,<00:10:22.350> who<00:10:22.607> is<00:10:22.831> my<00:10:23.008> now<00:10:23.248> partner<00:10:24.274> in<00:10:24.307> Muse<00:10:25.333> Capital.

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And<00:10:26.776> so<00:10:27.658> we<00:10:27.898> actually<00:10:28.299> met<00:10:28.620> on<00:10:28.780> a<00:10:29.726> a,<00:10:29.966> you<00:10:30.063> know,<00:10:30.143> business<00:10:30.463> development<00:10:31.248> M&A<00:10:31.649> deal.

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And<00:10:33.892> I,<00:10:34.133> I,<00:10:34.533> I<00:10:34.613> remember<00:10:36.456> meeting<00:10:36.937> her,<00:10:37.978> and,<00:10:38.363> you<00:10:38.475> know,<00:10:38.619> you<00:10:38.700> have<00:10:38.796> so<00:10:39.132> many<00:10:40.398> business<00:10:40.703> meetings<00:10:41.103> in<00:10:41.135> your<00:10:41.263> life,<00:10:41.600> but<00:10:41.744> meeting<00:10:42.145> her,<00:10:42.465> I<00:10:42.545> was<00:10:42.673> like,<00:10:43.507> oh<00:10:43.603> wow,<00:10:44.308> um,<00:10:44.949> she's<00:10:45.189> cool<00:10:45.830> and<00:10:46.151> has<00:10:47.192> a<00:10:48.025> more<00:10:48.346> fascinating<00:10:49.035> background.

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Um,<00:10:51.919> and<00:10:52.336> we<00:10:52.496> ended<00:10:52.720> up<00:10:52.801> actually<00:10:53.121> working<00:10:53.458> against<00:10:53.778> each<00:10:53.938> other<00:10:54.163> on<00:10:54.259> the<00:10:54.355> deal<00:10:54.595> for<00:10:54.804> a<00:10:54.884> year.

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That's<00:10:56.823> awesome.

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So<00:10:58.170> you<00:10:58.266> get<00:10:58.427> to<00:10:58.523> know<00:10:58.683> someone<00:10:59.004> extremely<00:10:59.453> well,<00:11:00.415> and<00:11:00.928> we<00:11:01.136> ended<00:11:01.714> up<00:11:01.810> doing<00:11:02.034> the<00:11:02.115> deal.

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And<00:11:04.023> after<00:11:04.279> that,<00:11:05.322> we<00:11:05.466> just<00:11:05.642> said,<00:11:06.364> okay,<00:11:06.588> at<00:11:06.685> this<00:11:06.845> point<00:11:07.085> in<00:11:07.182> our<00:11:07.326> careers,<00:11:08.673> we<00:11:08.929> have<00:11:10.116> made<00:11:10.276> a<00:11:10.356> lot<00:11:10.453> of<00:11:10.533> money<00:11:11.335> for<00:11:11.495> a<00:11:11.511> lot<00:11:11.719> of<00:11:11.816> other<00:11:11.976> people,<00:11:12.698> mostly<00:11:13.483> men.

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And<00:11:15.087> we<00:11:15.167> just<00:11:15.343> thought,<00:11:15.888> you<00:11:15.921> know,<00:11:16.065> what's<00:11:16.450> our<00:11:16.530> legacy?

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What<00:11:17.091> do<00:11:17.123> we<00:11:17.251> want<00:11:17.428> to<00:11:17.588> build?

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Clearly,<00:11:18.791> we<00:11:18.871> have<00:11:19.288> some<00:11:19.593> very<00:11:19.897> unique<00:11:20.314> skill<00:11:20.571> sets<00:11:21.020> that<00:11:21.116> would<00:11:21.276> be<00:11:21.356> very<00:11:21.597> valuable<00:11:22.158> to<00:11:22.318> entrepreneurs.

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And<00:11:23.940> so,<00:11:25.620> gosh,<00:11:26.735> 8<00:11:26.897> years<00:11:27.139> and<00:11:27.721> 8<00:11:27.883> years<00:11:28.109> ago<00:11:28.287> now,<00:11:29.095> Muse<00:11:29.256> Capital<00:11:29.660> was<00:11:29.886> born<00:11:30.694> and<00:11:30.775> it<00:11:30.872> kind<00:11:31.115> of<00:11:31.195> happened.

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We<00:11:32.787> just<00:11:32.883> decided<00:11:33.220> to<00:11:33.365> join<00:11:33.606> forces<00:11:34.072> on<00:11:34.168> the<00:11:34.249> consultancy<00:11:35.518> and<00:11:36.354> start<00:11:36.804> writing<00:11:37.205> angel<00:11:37.462> checks<00:11:37.944> behind<00:11:39.133> the<00:11:39.214> kind<00:11:39.390> of<00:11:39.455> consulting<00:11:39.953> work<00:11:40.258> that<00:11:40.355> we<00:11:40.435> were<00:11:40.531> doing<00:11:41.704> and<00:11:41.865> had<00:11:42.026> some<00:11:42.283> success<00:11:42.990> pretty<00:11:43.247> early,<00:11:44.195> which<00:11:44.355> doesn't<00:11:44.677> happen<00:11:45.030> in<00:11:45.191> VC.

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And<00:11:47.505> so<00:11:47.746> we<00:11:47.906> thought,<00:11:48.131> hey,<00:11:48.292> we<00:11:48.388> should<00:11:48.629> just<00:11:48.790> be<00:11:48.951> doing<00:11:49.176> this<00:11:49.352> full<00:11:49.513> time.

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And<00:11:50.156> the<00:11:50.252> original<00:11:50.718> idea<00:11:51.104> for<00:11:51.200> Muse<00:11:51.490> Capital<00:11:51.867> was<00:11:52.613> let's<00:11:52.934> be<00:11:53.577> really<00:11:54.284> helpful<00:11:54.926> on<00:11:55.007> the<00:11:55.087> cap<00:11:55.344> table.

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You<00:11:56.051> know,<00:11:56.613> we<00:11:56.790> have<00:11:56.967> a<00:11:57.031> background<00:11:57.433> and<00:11:57.577> a<00:11:57.593> history<00:11:58.702> where<00:11:58.862> we're<00:11:58.959> helping<00:11:59.441> startups<00:11:59.939> get<00:12:00.100> their<00:12:00.244> very<00:12:00.501> first<00:12:00.951> revenue-generating<00:12:01.690> distribution<00:12:02.252> partnerships,<00:12:03.200> like,<00:12:04.743> which<00:12:04.919> is<00:12:04.984> so<00:12:05.305> hard<00:12:05.530> to<00:12:05.626> do<00:12:05.867> when<00:12:06.028> nobody<00:12:06.333> knows<00:12:06.654> who<00:12:06.751> you<00:12:07.056> are.

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Yet<00:12:07.570> we'd<00:12:07.715> been<00:12:07.875> doing<00:12:08.052> this<00:12:08.277> for<00:12:08.357> a<00:12:08.518> really<00:12:08.759> long<00:12:09.000> time,<00:12:09.562> and<00:12:09.659> so<00:12:10.366> we<00:12:10.446> just<00:12:10.671> thought,<00:12:10.767> hey,<00:12:10.928> let's<00:12:11.088> do<00:12:11.249> it.

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Um,<00:12:13.257> and<00:12:13.563> as<00:12:13.820> we<00:12:13.900> were<00:12:14.141> building<00:12:14.607> it,<00:12:15.185> my<00:12:15.426> partner<00:12:16.390> actually<00:12:16.711> ended<00:12:16.936> up<00:12:17.033> getting<00:12:17.756> diagnosed<00:12:18.222> with<00:12:18.318> breast<00:12:18.543> cancer.

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And<00:12:21.111> it<00:12:21.192> was<00:12:21.304> a<00:12:21.368> shock.

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And<00:12:22.251> I<00:12:22.267> remember<00:12:22.732> coming<00:12:23.053> back<00:12:23.294> from<00:12:23.438> Europe,<00:12:24.321> um,<00:12:24.803> she<00:12:24.963> had<00:12:25.124> to<00:12:25.156> go<00:12:25.300> through<00:12:25.525> a<00:12:25.541> whole<00:12:25.782> double<00:12:25.974> mastectomy,<00:12:27.049> which<00:12:27.643> if<00:12:27.724> you<00:12:27.788> know<00:12:27.884> anything<00:12:28.205> about<00:12:28.430> this<00:12:28.735> is<00:12:28.831> a<00:12:29.312> 6-month<00:12:29.794> process.

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And<00:12:32.667> she<00:12:32.907> ended<00:12:33.068> up<00:12:33.164> kind<00:12:33.325> of<00:12:33.357> stopping<00:12:33.710> what<00:12:33.806> she<00:12:34.047> was<00:12:34.223> doing.

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I<00:12:35.234> ended<00:12:35.475> up<00:12:35.892> moving<00:12:36.213> in<00:12:36.358> with<00:12:36.518> her<00:12:37.802> and<00:12:38.203> we<00:12:38.300> just<00:12:38.460> developed<00:12:39.006> this<00:12:39.840> extraordinary<00:12:40.611> kind<00:12:40.787> of<00:12:40.867> friendship.

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But<00:12:41.750> also<00:12:42.713> that<00:12:42.874> whole<00:12:43.050> experience<00:12:43.676> gave<00:12:43.901> us<00:12:44.077> this<00:12:44.238> time<00:12:44.719> to<00:12:44.864> really<00:12:45.040> think<00:12:45.345> about<00:12:45.522> what<00:12:45.666> we<00:12:45.746> wanted<00:12:45.923> to<00:12:46.148> build.

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And<00:12:47.191> actually<00:12:47.592> going<00:12:48.073> through<00:12:48.876> that<00:12:49.052> experience<00:12:50.559> as<00:12:50.719> two,<00:12:51.777> I<00:12:51.858> say,<00:12:52.162> elder<00:12:52.403> millennial<00:12:52.900> technologists,<00:12:53.926> right?

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We,<00:12:54.647> we<00:12:54.743> just<00:12:54.919> said,<00:12:55.929> why<00:12:56.186> is<00:12:56.330> it<00:12:56.426> that<00:12:56.507> we<00:12:56.651> have<00:12:56.891> Uber,<00:12:57.212> Instacart,<00:12:57.709> etc.,<00:12:58.254> yet<00:12:59.152> we<00:12:59.392> don't<00:12:59.649> have<00:12:59.873> services<00:13:00.418> like<00:13:00.659> this<00:13:00.915> in<00:13:00.995> something<00:13:01.540> as<00:13:01.637> important<00:13:02.198> as<00:13:02.342> healthcare?

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And<00:13:04.378> more<00:13:04.538> importantly,<00:13:05.228> what's<00:13:05.404> going<00:13:05.564> on<00:13:05.644> with<00:13:05.805> women's<00:13:06.270> health?

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Because<00:13:08.049> it<00:13:08.129> feels<00:13:08.274> like<00:13:08.322> there's<00:13:08.514> a<00:13:08.594> really<00:13:08.915> missed<00:13:09.171> opportunity<00:13:09.877> here.

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And<00:13:10.534> so<00:13:10.758> after<00:13:11.015> doing<00:13:11.255> some<00:13:11.496> research<00:13:12.361> through<00:13:12.602> that<00:13:12.778> process,<00:13:13.420> we<00:13:13.500> were<00:13:13.596> like,<00:13:13.884> wow,<00:13:14.606> this<00:13:14.927> is<00:13:15.023> a<00:13:15.184> really<00:13:15.585> big<00:13:15.922> opportunity.

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Um,<00:13:18.314> and<00:13:18.394> so<00:13:19.582> that<00:13:19.759> experience,<00:13:20.882> you<00:13:21.284> know,<00:13:21.685> terrible<00:13:22.006> as<00:13:22.102> it<00:13:22.231> was,<00:13:23.114> actually<00:13:23.371> informed<00:13:24.269> our<00:13:24.414> future.

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And<00:13:26.677> our<00:13:26.822> thesis<00:13:27.705> was,<00:13:28.042> you<00:13:28.122> know,<00:13:28.652> who,<00:13:29.053> you<00:13:29.085> know,<00:13:29.214> who—<00:13:29.872> where<00:13:30.016> are<00:13:30.193> these<00:13:30.434> markets<00:13:30.915> that<00:13:31.140> are<00:13:31.220> overlooked?

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And<00:13:33.323> so<00:13:34.350> we<00:13:34.511> ended<00:13:34.752> up—<00:13:34.848> she<00:13:35.008> fully<00:13:35.249> recovered,<00:13:35.795> by<00:13:35.875> the<00:13:35.955> way.

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Um,<00:13:37.882> and<00:13:38.925> we<00:13:39.037> started<00:13:39.680> our<00:13:39.744> first<00:13:40.290> funds.

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We<00:13:40.851> raised<00:13:41.044> our<00:13:41.108> first<00:13:41.574> fund<00:13:42.540> I<00:13:42.556> think<00:13:42.879> end<00:13:43.105> of<00:13:43.768> 2018,<00:13:45.610> and<00:13:46.014> we<00:13:46.110> just<00:13:46.224> started<00:13:46.676> to<00:13:46.821> put<00:13:46.935> our<00:13:47.080> thesis<00:13:47.565> to<00:13:47.710> work.

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And<00:13:49.322> like<00:13:49.484> I<00:13:49.516> said<00:13:49.808> earlier,<00:13:50.132> you<00:13:50.164> know,<00:13:50.310> going<00:13:50.618> out<00:13:50.715> there<00:13:50.942> and<00:13:51.687> telling<00:13:51.930> investors<00:13:52.481> that<00:13:52.578> we<00:13:52.724> were<00:13:52.805> going<00:13:52.870> to<00:13:52.983> be<00:13:53.064> investing<00:13:53.485> in<00:13:53.615> areas<00:13:53.955> like<00:13:54.198> women's<00:13:54.522> health<00:13:55.154> and<00:13:55.332> elderly<00:13:55.721> care<00:13:56.142> and<00:13:56.304> childcare,<00:13:57.720> we<00:13:57.816> were<00:13:57.896> honestly<00:13:58.298> laughed<00:13:58.619> out<00:13:58.860> of<00:13:58.893> rooms.

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I<00:13:59.535> think<00:13:59.744> one<00:13:59.857> of<00:13:59.985> the<00:14:00.066> funniest<00:14:02.733> interactions<00:14:03.440> I<00:14:03.601> ever<00:14:03.778> had<00:14:04.260> was<00:14:04.581> with<00:14:06.349> an<00:14:06.429> LP<00:14:07.391> who<00:14:07.656> invests<00:14:08.005> in<00:14:08.138> funds<00:14:08.652> who<00:14:08.801> said,<00:14:10.031> You're<00:14:10.128> investing<00:14:10.843> in<00:14:11.022> women's<00:14:11.331> health<00:14:11.916> and<00:14:11.997> things<00:14:12.273> like<00:14:12.550> menopause.

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And<00:14:14.272> he<00:14:14.353> said,<00:14:14.581> isn't<00:14:14.743> that<00:14:14.906> a<00:14:14.922> niche?

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And<00:14:18.570> we<00:14:18.666> were<00:14:18.812> like,<00:14:18.973> wait,<00:14:19.682> it's<00:14:19.843> half<00:14:20.166> the<00:14:20.263> population.

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It's<00:14:21.149> definitely<00:14:21.569> not<00:14:21.794> a<00:14:21.810> niche.

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And<00:14:26.015> luckily,<00:14:26.500> like,<00:14:26.678> back<00:14:26.840> then<00:14:27.406> we<00:14:27.551> were<00:14:27.745> like<00:14:28.295> one<00:14:28.457> of<00:14:28.489> the<00:14:28.602> first<00:14:28.877> investors<00:14:29.588> in<00:14:29.685> a<00:14:29.815> company<00:14:30.154> now<00:14:30.397> called<00:14:30.704> Middie.

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And<00:14:32.337> Middie<00:14:32.968> is<00:14:33.097> probably<00:14:33.873> one<00:14:33.938> of<00:14:34.035> the<00:14:34.116> fastest<00:14:34.683> growing<00:14:35.017> women's<00:14:35.268> health<00:14:35.519> companies<00:14:36.020> in<00:14:36.171> the<00:14:36.254> country<00:14:36.672> today.

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Um,<00:14:38.717> we<00:14:38.797> ended<00:14:39.022> up<00:14:39.295> leading<00:14:39.600> their<00:14:39.761> pre-seed,<00:14:41.030> and<00:14:41.206> they<00:14:41.528> just<00:14:41.849> raised<00:14:42.315> it<00:14:42.475> close<00:14:42.732> to<00:14:42.877> half<00:14:43.150> a<00:14:43.278> billion<00:14:43.535> dollars<00:14:44.017> like<00:14:44.901> a<00:14:44.965> few<00:14:45.142> years<00:14:45.383> later.

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And<00:14:46.587> so,<00:14:47.214> but<00:14:47.888> that's<00:14:48.193> not<00:14:48.354> really<00:14:48.531> niche.

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And<00:14:49.398> yeah,<00:14:49.880> yeah,<00:14:50.265> that's<00:14:50.635> not<00:14:50.779> niche.

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Yeah,<00:14:52.851> so<00:14:53.028> that's<00:14:53.253> kind<00:14:53.478> of<00:14:53.558> how<00:14:53.799> it<00:14:54.040> all<00:14:54.200> happened.

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And<00:14:54.923> we,<00:14:55.244> we<00:14:55.277> started<00:14:55.662> that<00:14:55.823> first<00:14:56.144> fund,<00:14:57.493> raised<00:14:57.670> the<00:14:57.750> second<00:14:58.136> fund,<00:14:58.778> probably<00:14:59.019> in<00:14:59.051> the<00:14:59.180> two<00:14:59.501> worst<00:15:00.304> climates<00:15:00.946> ever<00:15:01.203> to<00:15:01.364> raise.

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The<00:15:01.749> first<00:15:02.006> was<00:15:02.167> COVID,<00:15:02.633> the<00:15:02.713> second<00:15:03.002> was<00:15:03.131> the<00:15:03.291> biggest<00:15:03.597> market<00:15:03.998> downturn,<00:15:04.480> investing<00:15:05.058> in<00:15:05.139> these<00:15:06.166> horribly<00:15:06.728> overlooked<00:15:07.290> areas.

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Uh,<00:15:08.414> it<00:15:08.494> wasn't<00:15:08.751> for<00:15:08.847> the<00:15:08.896> faint<00:15:09.169> of<00:15:09.297> heart<00:15:09.730> is<00:15:09.875> what<00:15:10.437> I<00:15:10.838> would<00:15:11.079> say.

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Here<00:15:12.347> we<00:15:12.508> are.

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No,<00:15:12.925> it's<00:15:13.102> incredible.

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And,<00:15:14.033> and<00:15:14.129> thank<00:15:14.451> you<00:15:14.595> for<00:15:14.756> giving<00:15:15.028> us<00:15:15.494> that<00:15:15.879> story<00:15:16.377> and<00:15:16.522> your<00:15:16.618> background<00:15:16.971> because<00:15:17.180> I<00:15:17.581> just<00:15:17.742> find<00:15:17.902> it<00:15:17.934> so<00:15:18.143> fascinating.

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I<00:15:19.171> want<00:15:19.299> to<00:15:19.347> ask<00:15:19.588> you,<00:15:19.749> like,<00:15:20.615> all<00:15:20.712> the<00:15:20.792> stats<00:15:21.177> that<00:15:21.418> I've<00:15:21.755> looked<00:15:22.060> at<00:15:22.558> in<00:15:22.638> terms<00:15:23.024> of,<00:15:23.505> um,<00:15:24.067> venture<00:15:24.324> capital<00:15:24.725> goes<00:15:24.966> to<00:15:25.111> women<00:15:26.090> is<00:15:26.186> around<00:15:26.652> like<00:15:27.134> 1<00:15:27.374> to<00:15:27.615> 2%,<00:15:28.354> if<00:15:28.434> I'm<00:15:28.659> not<00:15:28.900> mistaken.

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Like,<00:15:29.622> and<00:15:29.783> the<00:15:29.927> rest<00:15:30.264> is<00:15:30.585> just<00:15:30.810> goes<00:15:31.067> to<00:15:31.163> men.

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This<00:15:32.046> is<00:15:32.512> venture<00:15:32.896> capital<00:15:33.233> dollars<00:15:33.714> invested<00:15:34.211> into<00:15:34.660> companies<00:15:35.221> led<00:15:35.397> by<00:15:35.638> either<00:15:35.878> men<00:15:36.103> or<00:15:36.199> women,<00:15:37.145> about<00:15:37.385> 99%<00:15:37.978> goes<00:15:38.203> to<00:15:38.267> men,<00:15:38.828> 1%<00:15:39.405> goes<00:15:39.726> to<00:15:39.870> women.

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And<00:15:41.409> so<00:15:41.634> one,<00:15:41.794> I<00:15:41.890> want<00:15:42.034> to<00:15:42.130> ask<00:15:42.291> you<00:15:42.355> about<00:15:42.531> that,<00:15:42.692> but<00:15:42.836> also<00:15:43.156> on<00:15:43.253> top<00:15:43.573> of<00:15:43.637> that,<00:15:45.337> what<00:15:45.481> I<00:15:45.577> think—<00:15:45.818> find<00:15:45.978> fascinating<00:15:46.315> what<00:15:46.443> you're<00:15:46.603> doing<00:15:46.860> is<00:15:47.100> I<00:15:47.180> don't<00:15:47.421> know<00:15:47.645> a<00:15:47.806> lot<00:15:47.966> of<00:15:48.142> women-led<00:15:48.864> VC<00:15:49.425> funds<00:15:49.906> either.

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I<00:15:51.172> wonder<00:15:51.413> what<00:15:51.589> the<00:15:51.669> stats<00:15:52.134> are<00:15:52.310> there.

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And<00:15:53.897> I<00:15:54.218> wonder<00:15:54.475> if<00:15:54.619> there's<00:15:54.859> any<00:15:55.020> correlation<00:15:56.783> between<00:15:57.761> the<00:15:57.841> fact<00:15:58.162> that<00:15:58.322> most<00:15:58.707> VC<00:15:59.124> funds<00:15:59.685> are<00:15:59.829> run<00:16:00.085> by<00:16:00.246> men,<00:16:00.727> which<00:16:00.887> means<00:16:01.352> most<00:16:01.769> men<00:16:02.009> get<00:16:02.250> VCs.

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Or<00:16:03.922> get<00:16:04.099> VC<00:16:04.422> funded<00:16:04.906> versus<00:16:05.310> women.

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Give,<00:16:05.955> give<00:16:06.052> me<00:16:06.181> your<00:16:06.294> sense<00:16:06.665> of<00:16:06.762> that<00:16:07.085> with,<00:16:07.327> with<00:16:07.488> those<00:16:07.730> two<00:16:07.891> stats.

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And<00:16:08.698> again,<00:16:08.924> I<00:16:09.021> could<00:16:09.182> be<00:16:09.263> totally<00:16:09.650> wrong<00:16:09.925> about<00:16:10.151> what<00:16:10.393> they,<00:16:10.635> what<00:16:10.861> they<00:16:11.022> are,<00:16:11.199> but<00:16:11.667> last<00:16:11.845> time<00:16:12.022> I<00:16:12.152> looked,<00:16:12.377> it<00:16:12.410> was<00:16:12.507> like<00:16:12.620> 1<00:16:12.732> or<00:16:12.813> 2%.

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I<00:16:14.911> wish<00:16:15.072> you<00:16:15.234> were<00:16:15.315> wrong.

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You're<00:16:16.283> not.

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You're<00:16:17.332> bang<00:16:17.558> on.

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I<00:16:18.365> think<00:16:18.542> the<00:16:18.768> actual<00:16:19.010> stat<00:16:19.414> is<00:16:19.575> 2%<00:16:20.156> of<00:16:20.543> all<00:16:20.801> venture<00:16:21.108> capital<00:16:21.673> dollars<00:16:22.012> globally<00:16:22.806> goes<00:16:23.130> into<00:16:23.471> female<00:16:24.103> or<00:16:24.135> minority<00:16:24.670> founders.

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It's,<00:16:26.615> um,<00:16:27.912> and<00:16:28.009> that<00:16:28.106> stat<00:16:28.836> is<00:16:28.982> pretty<00:16:29.225> well<00:16:29.468> known.

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But<00:16:30.636> I<00:16:30.733> think<00:16:30.957> what's<00:16:31.454> really<00:16:31.950> fascinating<00:16:32.880> is<00:16:32.992> the<00:16:33.136> reasons<00:16:33.617> why.

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And<00:16:34.562> so<00:16:34.803> if<00:16:34.915> you<00:16:35.363> go<00:16:35.460> a<00:16:35.524> little<00:16:35.652> bit<00:16:35.860> deeper,<00:16:37.927> in<00:16:38.007> order<00:16:38.120> to<00:16:38.248> be<00:16:38.344> an<00:16:38.408> entrepreneur,<00:16:38.985> you<00:16:39.081> need<00:16:39.305> to<00:16:39.786> raise<00:16:40.491> VC<00:16:40.988> dollars,<00:16:41.549> right?

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It's<00:16:42.350> in<00:16:42.430> the,<00:16:42.510> in<00:16:42.654> the<00:16:42.734> tech<00:16:42.975> world.

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And<00:16:45.314> if<00:16:45.394> you<00:16:45.475> think<00:16:45.731> about<00:16:45.939> it,<00:16:46.099> as<00:16:46.420> a<00:16:46.516> female<00:16:46.997> entrepreneur,<00:16:48.583> who<00:16:48.695> are<00:16:48.824> you<00:16:48.920> pitching<00:16:49.400> to?

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You're<00:16:50.041> typically<00:16:50.602> pitching,<00:16:51.307> and<00:16:51.564> there's<00:16:51.756> some<00:16:51.868> stats.

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So<00:16:52.365> in<00:16:52.509> venture<00:16:52.781> capital,<00:16:54.127> I<00:16:54.192> think<00:16:54.352> 15%<00:16:55.025> of<00:16:55.089> women<00:16:55.409> work<00:16:55.730> in<00:16:55.810> venture<00:16:56.050> capital.

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But<00:16:57.477> of<00:16:57.717> those<00:16:58.054> women,<00:16:59.080> probably<00:16:59.497> about<00:16:59.977> not<00:17:00.122> even<00:17:00.298> 1%<00:17:00.939> have<00:17:01.196> check-writing<00:17:01.821> ability,<00:17:02.767> meaning<00:17:03.745> that<00:17:04.370> you<00:17:04.466> might<00:17:04.867> get<00:17:05.027> conviction<00:17:05.973> on<00:17:07.015> a<00:17:07.031> female<00:17:07.431> founder,<00:17:08.297> what<00:17:08.393> they're<00:17:08.554> building,<00:17:09.435> but<00:17:09.596> then<00:17:09.916> you<00:17:10.076> then<00:17:10.237> have<00:17:10.413> to<00:17:10.541> go<00:17:10.798> and<00:17:10.942> present<00:17:11.599> to<00:17:11.744> your<00:17:12.064> all-male<00:17:12.866> IC<00:17:13.363> that<00:17:13.523> this<00:17:13.827> is<00:17:14.805> a<00:17:14.869> company<00:17:15.511> that<00:17:15.767> you<00:17:15.847> should<00:17:16.072> be<00:17:16.152> investing<00:17:16.569> in.

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And<00:17:18.075> that's<00:17:18.316> tough,<00:17:19.053> certainly<00:17:19.534> if<00:17:19.630> you're<00:17:19.759> working<00:17:20.079> in<00:17:20.175> like<00:17:20.416> areas<00:17:20.720> like<00:17:20.961> ours<00:17:21.282> where<00:17:21.939> really<00:17:22.179> the<00:17:22.259> people<00:17:22.500> that<00:17:22.644> you're<00:17:22.740> pitching<00:17:23.045> to<00:17:23.221> really<00:17:23.446> don't<00:17:23.846> have<00:17:24.247> that<00:17:24.423> personal<00:17:24.904> experience.

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It's,<00:17:25.770> you<00:17:25.802> know,<00:17:26.091> let<00:17:26.155> me<00:17:26.267> ask<00:17:26.427> my<00:17:26.587> wife,<00:17:26.892> let<00:17:26.940> me<00:17:27.133> ask<00:17:27.293> my<00:17:27.389> daughter,<00:17:28.191> which<00:17:28.335> is<00:17:28.720> extremely<00:17:28.992> frustrating.

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And<00:17:30.595> so<00:17:32.198> the<00:17:32.422> real—<00:17:32.919> if<00:17:33.144> you<00:17:33.416> think<00:17:33.705> about<00:17:34.041> that,<00:17:34.698> it's<00:17:36.061> like,<00:17:36.349> where<00:17:36.590> is<00:17:36.766> the<00:17:36.846> money<00:17:37.023> coming<00:17:37.311> from?

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The<00:17:37.872> entrepreneur<00:17:38.225> needs<00:17:38.513> to<00:17:38.690> pitch<00:17:39.171> to<00:17:39.347> more<00:17:39.732> women<00:17:40.132> that<00:17:40.293> have<00:17:40.597> checkwriting<00:17:41.190> ability,<00:17:42.601> and<00:17:43.018> today<00:17:43.338> that's<00:17:43.595> at<00:17:43.819> 1%,<00:17:45.358> so<00:17:45.727> 1-2%.

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And<00:17:47.762> so<00:17:47.987> this<00:17:48.147> whole<00:17:48.532> thing<00:17:48.932> kind<00:17:49.109> of<00:17:49.173> falls<00:17:49.365> apart.

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Now<00:17:49.750> take<00:17:50.006> it<00:17:50.087> a<00:17:50.215> layer<00:17:50.535> deeper.

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Who<00:17:51.593> funds<00:17:52.074> the<00:17:52.154> VCs?

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LPs,<00:17:53.998> family<00:17:54.318> offices,<00:17:54.943> institutions.

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What<00:17:57.184> do<00:17:57.248> you<00:17:57.344> think<00:17:57.505> the<00:17:57.585> stats<00:17:57.907> are<00:17:58.051> up<00:17:58.228> there?

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Pretty<00:18:00.462> bad.

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And<00:18:01.603> listen,<00:18:02.085> we<00:18:02.406> have<00:18:02.567> experienced<00:18:03.129> this<00:18:03.371> firsthand.

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When<00:18:04.576> you<00:18:04.736> are<00:18:04.817> going<00:18:05.138> out<00:18:05.604> as<00:18:05.781> an<00:18:05.910> all-female<00:18:06.350> team<00:18:06.986> that's<00:18:08.128> trying<00:18:08.389> to<00:18:08.553> raise<00:18:09.434> capital<00:18:09.956> from<00:18:10.331> LPs,<00:18:11.147> so<00:18:11.261> they're<00:18:11.392> called<00:18:11.555> limited<00:18:11.881> partners,<00:18:12.702> they're<00:18:12.864> the<00:18:12.945> ones<00:18:13.253> that<00:18:13.334> will<00:18:13.416> invest<00:18:13.740> in<00:18:13.821> your<00:18:13.918> fund<00:18:14.648> that<00:18:14.794> then<00:18:14.891> will<00:18:14.989> invest<00:18:15.443> in<00:18:15.524> your<00:18:15.702> thesis.

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I<00:18:18.142> get<00:18:18.482> the<00:18:18.563> feedback<00:18:19.032> that<00:18:19.194> I<00:18:19.291> told<00:18:19.517> you<00:18:19.631> about.

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You<00:18:20.601> know,<00:18:20.828> it's<00:18:20.973> like,<00:18:21.297> you<00:18:21.329> know,<00:18:21.459> these,<00:18:21.718> these<00:18:22.025> areas<00:18:22.268> look<00:18:22.430> so<00:18:22.624> niche,<00:18:23.239> I<00:18:23.271> don't<00:18:23.481> really<00:18:23.659> understand<00:18:24.387> them.

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And<00:18:25.559> so<00:18:26.202> the<00:18:26.266> whole<00:18:26.507> system<00:18:26.989> breaks.

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So<00:18:27.856> if<00:18:27.936> you<00:18:28.033> go<00:18:28.739> even<00:18:28.916> deeper<00:18:29.221> and<00:18:29.542> look<00:18:29.863> at<00:18:30.185> the<00:18:30.586> LPs,<00:18:31.244> so<00:18:31.389> the<00:18:31.469> LPs<00:18:31.951> are<00:18:32.031> the<00:18:32.128> investors<00:18:32.674> that<00:18:32.770> invest<00:18:33.412> into<00:18:33.637> the<00:18:33.669> venture<00:18:33.958> capital<00:18:34.376> funds.

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I<00:18:36.143> mean,<00:18:36.769> the<00:18:36.849> stats<00:18:37.186> are<00:18:37.251> not<00:18:37.652> good<00:18:37.973> there<00:18:38.311> either,<00:18:38.632> just<00:18:38.808> in<00:18:38.937> terms<00:18:39.274> of,<00:18:39.820> you<00:18:39.852> know,<00:18:40.222> who's<00:18:40.703> controlling<00:18:41.522> family<00:18:41.908> offices,<00:18:42.486> endowments,<00:18:43.289> institutions,<00:18:44.718> pension<00:18:45.120> funds.

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And,<00:18:46.645> but<00:18:46.822> there<00:18:46.967> is<00:18:47.015> something<00:18:47.368> very<00:18:47.689> interesting<00:18:48.107> that's<00:18:48.332> happening<00:18:48.749> today.

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In<00:18:49.938> the<00:18:49.986> next<00:18:50.901> 5<00:18:51.303> years,<00:18:52.522> $30<00:18:53.869> trillion<00:18:54.991> of<00:18:55.087> capital<00:18:55.728> is<00:18:55.808> going<00:18:56.048> to<00:18:56.209> transfer<00:18:57.074> into<00:18:57.347> the<00:18:57.475> hands<00:18:57.892> of<00:18:58.052> women.

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What<00:18:59.270> does<00:18:59.398> that<00:18:59.639> mean?

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If<00:19:00.520> you<00:19:00.680> look<00:19:00.937> at<00:19:01.097> the<00:19:01.338> family<00:19:01.802> offices,<00:19:02.940> the<00:19:03.004> next<00:19:03.261> generations<00:19:03.982> that<00:19:04.463> inherit<00:19:05.008> that,<00:19:06.146> many<00:19:06.450> of<00:19:06.483> them<00:19:06.707> are<00:19:06.771> just<00:19:07.252> happening<00:19:07.588> to<00:19:07.733> be<00:19:08.069> women.

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And<00:19:09.175> so<00:19:09.352> you<00:19:09.432> think,<00:19:10.457> yay,<00:19:11.259> like,<00:19:12.060> hopefully<00:19:12.381> that<00:19:12.541> will<00:19:12.621> change<00:19:13.118> because<00:19:13.679> the<00:19:13.759> women<00:19:13.984> that<00:19:14.080> are<00:19:14.160> controlling<00:19:14.785> the<00:19:14.881> wealth,<00:19:15.666> they<00:19:16.227> will<00:19:16.340> demand<00:19:17.510> products<00:19:17.846> and<00:19:17.942> services<00:19:19.112> and<00:19:19.433> technologies<00:19:20.331> that<00:19:21.229> meaningful<00:19:21.711> for<00:19:21.919> them.

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Um,<00:19:23.541> but<00:19:23.637> there's<00:19:23.782> a<00:19:23.846> problem,<00:19:24.585> and<00:19:24.745> that<00:19:25.050> is<00:19:25.693> the<00:19:25.853> education,<00:19:26.672> because<00:19:27.073> typically<00:19:27.475> in<00:19:27.555> the<00:19:27.635> family<00:19:28.021> office<00:19:28.197> structure—<00:19:28.599> and<00:19:28.679> this<00:19:28.840> isn't<00:19:29.145> everywhere,<00:19:29.642> but<00:19:29.739> in<00:19:30.044> many<00:19:30.285> places<00:19:30.686> in<00:19:30.766> the<00:19:30.911> world—<00:19:32.356> no,<00:19:32.533> it's<00:19:32.693> the<00:19:32.854> dad<00:19:33.271> and<00:19:33.400> the<00:19:33.496> brother<00:19:33.897> that<00:19:34.058> are<00:19:34.122> controlling<00:19:34.620> the<00:19:34.700> family<00:19:35.102> businesses.

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So<00:19:36.483> when<00:19:36.691> suddenly<00:19:37.189> it's<00:19:37.494> the,<00:19:37.815> the<00:19:37.912> daughter,<00:19:39.292> sometimes,<00:19:40.224> you<00:19:40.256> know,<00:19:40.400> they<00:19:40.561> have<00:19:41.107> the<00:19:41.428> education<00:19:41.926> and<00:19:41.990> knowledge<00:19:42.247> on<00:19:42.327> what<00:19:42.488> to<00:19:42.648> do<00:19:42.793> with<00:19:42.953> that,<00:19:43.531> but<00:19:43.756> most<00:19:43.949> of<00:19:44.029> the<00:19:44.158> times<00:19:44.816> not.

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And<00:19:46.566> you<00:19:46.662> know,<00:19:46.806> there's<00:19:47.688> a<00:19:47.769> lot<00:19:47.929> of<00:19:48.105> philanthropic<00:19:48.747> capital<00:19:49.533> that<00:19:49.709> gets<00:19:50.431> deployed,<00:19:51.794> but<00:19:51.938> it's<00:19:52.916> teaching<00:19:53.654> these<00:19:53.959> women<00:19:54.264> in<00:19:54.344> family<00:19:54.616> offices<00:19:55.162> that<00:19:55.402> you<00:19:55.546> can<00:19:55.643> invest<00:19:56.044> in<00:19:56.124> for-profit<00:19:56.829> companies<00:19:57.471> that<00:19:57.551> are<00:19:57.711> also<00:19:58.032> having<00:19:58.834> the<00:19:59.010> kind<00:19:59.187> of<00:19:59.315> impact<00:19:59.652> that<00:19:59.812> you<00:19:59.973> care<00:20:00.229> about.

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And<00:20:01.400> so<00:20:02.843> that's<00:20:03.020> just<00:20:03.340> a<00:20:03.404> little<00:20:03.581> bit,<00:20:04.768> a<00:20:05.585> little<00:20:05.730> bit<00:20:05.842> more<00:20:06.291> information<00:20:07.253> on<00:20:07.349> what's<00:20:07.654> actually<00:20:07.975> going<00:20:08.312> on<00:20:09.659> behind<00:20:10.300> that<00:20:10.557> 2%<00:20:11.022> of<00:20:11.519> women<00:20:11.840> stat.

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And<00:20:13.267> that's<00:20:13.508> why.

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Tell<00:20:14.230> us<00:20:14.407> what<00:20:14.648> Muse<00:20:15.755> is<00:20:16.574> focusing<00:20:17.215> on<00:20:17.617> over<00:20:17.841> the<00:20:18.018> next<00:20:18.339> 10<00:20:18.580> years,<00:20:19.045> given<00:20:19.302> all<00:20:19.543> of<00:20:19.623> the<00:20:19.767> reality<00:20:20.265> that<00:20:20.409> you<00:20:20.505> just<00:20:20.746> gave<00:20:20.987> us.

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Well,<00:20:21.709> the<00:20:21.805> most<00:20:22.110> important<00:20:22.656> thing<00:20:23.458> is,<00:20:24.197> in<00:20:24.502> order<00:20:24.839> for<00:20:25.063> that<00:20:25.224> whole<00:20:25.481> system<00:20:26.106> to<00:20:26.203> change—<00:20:26.941> so<00:20:27.230> you<00:20:27.310> have<00:20:27.487> all<00:20:27.567> that<00:20:27.727> information<00:20:28.289> on<00:20:28.369> that<00:20:28.546> 2%,<00:20:29.236> but<00:20:29.653> not<00:20:29.910> typically<00:20:30.375> the<00:20:30.472> deeper<00:20:30.793> meaning<00:20:31.178> behind<00:20:31.563> it<00:20:31.723> or<00:20:31.756> the<00:20:31.884> reasons<00:20:32.446> behind,<00:20:34.050> um,<00:20:34.468> for<00:20:34.773> us,<00:20:35.495> the<00:20:35.591> only<00:20:35.752> way<00:20:35.832> this<00:20:36.008> is<00:20:36.089> going<00:20:36.185> to<00:20:36.297> change<00:20:36.939> is<00:20:37.036> if<00:20:37.356> people<00:20:37.677> like<00:20:37.918> us<00:20:38.303> are<00:20:38.335> successful.

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Right?

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We<00:20:39.667> have<00:20:39.860> to<00:20:39.988> show<00:20:40.406> that<00:20:40.566> you<00:20:40.711> can<00:20:40.823> invest<00:20:41.609> into<00:20:41.850> these,<00:20:42.957> you<00:20:42.989> know,<00:20:43.069> horribly<00:20:43.760> overlooked,<00:20:44.482> underfunded<00:20:45.380> sectors<00:20:46.086> and<00:20:46.247> make<00:20:46.504> a<00:20:46.568> lot<00:20:46.680> of<00:20:46.825> money.

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And<00:20:47.852> so<00:20:48.269> over<00:20:48.526> the<00:20:48.654> last<00:20:48.991> 8<00:20:49.216> years,<00:20:49.713> we<00:20:49.857> have<00:20:49.954> been<00:20:50.259> very,<00:20:50.660> very<00:20:50.836> focused<00:20:51.238> on<00:20:51.783> not<00:20:51.960> telling<00:20:52.184> our<00:20:52.281> story,<00:20:52.762> just,<00:20:53.629> you<00:20:53.661> know,<00:20:53.869> really<00:20:54.271> rolling<00:20:54.543> our<00:20:54.624> sleeves<00:20:55.153> up<00:20:55.554> and<00:20:55.891> helping<00:20:56.678> those<00:20:57.095> entrepreneurs<00:20:58.218> get<00:20:58.379> the<00:20:58.459> metrics<00:20:59.021> that<00:20:59.165> they<00:20:59.261> need<00:20:59.967> to,<00:21:00.946> to<00:21:01.042> succeed.

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And<00:21:02.214> so<00:21:03.417> we're<00:21:03.835> hyper-focused<00:21:05.183> on<00:21:05.343> that<00:21:05.600> and<00:21:06.484> As<00:21:06.580> I'm<00:21:06.725> sure<00:21:07.031> you<00:21:07.112> know,<00:21:07.369> venture<00:21:07.627> capital<00:21:08.030> takes<00:21:08.416> time.

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You<00:21:09.946> know,<00:21:10.027> we're<00:21:10.268> 8<00:21:10.429> years<00:21:10.751> into<00:21:10.993> our<00:21:11.154> journey,<00:21:12.120> 2<00:21:12.362> funds.

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It's<00:21:13.875> only<00:21:14.069> about<00:21:14.374> now<00:21:14.922> that<00:21:15.083> all<00:21:15.244> of<00:21:15.341> these<00:21:15.502> results<00:21:15.988> are<00:21:16.214> really<00:21:16.554> starting<00:21:18.173> to<00:21:18.319> come<00:21:18.562> in,<00:21:18.982> and<00:21:19.047> that's<00:21:19.565> extremely<00:21:20.358> exciting<00:21:21.071> for<00:21:21.168> us.

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So<00:21:23.192> that's<00:21:23.434> the<00:21:23.499> most<00:21:23.742> important<00:21:24.162> thing.

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And<00:21:25.451> in<00:21:25.596> terms<00:21:25.999> of<00:21:26.176> what<00:21:26.482> we're<00:21:26.643> excited<00:21:27.207> about,<00:21:27.868> I<00:21:27.948> mean,<00:21:29.157> given<00:21:29.382> all<00:21:29.463> the<00:21:29.495> advances<00:21:29.962> in<00:21:30.107> technology<00:21:30.929> and,<00:21:31.638> you<00:21:31.670> know,<00:21:31.880> AI<00:21:32.282> that's<00:21:32.460> thrown<00:21:33.272> around<00:21:33.898> a<00:21:33.978> lot.

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We're<00:21:35.295> super<00:21:35.921> excited<00:21:36.804> because<00:21:37.591> we<00:21:37.687> think<00:21:37.864> about<00:21:38.073> what<00:21:38.185> are<00:21:38.249> the<00:21:38.410> use<00:21:38.715> cases<00:21:39.518> of<00:21:39.759> AI<00:21:40.497> that<00:21:40.642> apply<00:21:40.979> to<00:21:41.204> our<00:21:41.380> thesis,<00:21:42.344> right?

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How<00:21:43.131> can<00:21:43.307> we<00:21:43.452> make<00:21:43.709> women's<00:21:44.030> lives<00:21:44.271> better<00:21:44.576> with<00:21:45.298> artificial<00:21:45.716> intelligence?

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How<00:21:46.358> can<00:21:46.503> we<00:21:46.535> make<00:21:46.984> parents'<00:21:47.402> lives<00:21:47.723> better?

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Again,<00:21:49.473> areas<00:21:49.890> where<00:21:50.758> it's<00:21:50.950> not<00:21:51.159> really<00:21:51.320> thought<00:21:51.673> about<00:21:52.219> in<00:21:52.395> Silicon<00:21:52.845> Valley.

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And<00:21:53.824> so<00:21:54.065> we<00:21:54.210> think<00:21:54.370> that's<00:21:54.627> a<00:21:54.707> huge<00:21:55.189> opportunity,<00:21:55.815> and<00:21:55.896> we're<00:21:56.008> seeing<00:21:56.313> some<00:21:56.474> amazing<00:21:57.100> companies<00:21:57.919> that<00:21:58.144> are<00:21:58.946> going<00:21:59.203> for<00:21:59.363> it.

00:21:59.748 --> 00:22:17.088
So<00:22:00.165> given<00:22:00.470> your—<00:22:01.208> everybody<00:22:01.930> you've<00:22:02.106> invested<00:22:02.716> in<00:22:03.117> and<00:22:03.213> just,<00:22:03.919> you<00:22:03.999> know,<00:22:04.111> the<00:22:04.336> incredible<00:22:04.737> network<00:22:05.202> you<00:22:05.298> have,<00:22:06.180> what's<00:22:06.405> kind<00:22:06.517> of<00:22:06.581> like<00:22:06.726> a<00:22:06.806> commonality<00:22:07.544> of<00:22:08.410> you've<00:22:08.570> seen<00:22:08.811> in<00:22:08.907> traits<00:22:09.469> or<00:22:09.693> whatever,<00:22:10.752> however<00:22:11.073> you'd<00:22:11.233> put<00:22:11.458> it,<00:22:11.955> in<00:22:12.035> terms<00:22:12.340> of<00:22:12.500> what<00:22:12.613> a<00:22:12.677> great<00:22:13.062> leader<00:22:13.383> is,<00:22:13.703> maybe<00:22:13.864> even<00:22:14.056> like<00:22:14.265> what<00:22:14.361> a<00:22:14.425> great—<00:22:14.922> what<00:22:15.083> makes<00:22:15.323> a<00:22:15.388> great<00:22:15.628> entrepreneur,<00:22:16.109> what<00:22:16.206> makes<00:22:16.446> a<00:22:16.510> great<00:22:16.767> leader.

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So<00:22:19.013> interesting.

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I<00:22:19.719> think<00:22:20.857> a<00:22:20.922> few<00:22:21.162> things.

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I<00:22:23.023> think<00:22:23.183> the<00:22:23.408> best<00:22:23.745> entrepreneurs<00:22:24.290> that<00:22:24.386> we<00:22:24.531> have<00:22:24.884> are<00:22:24.964> the<00:22:25.092> ones<00:22:25.349> that<00:22:25.493> have<00:22:25.670> the<00:22:25.734> most<00:22:26.055> grit.

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Like<00:22:27.358> the<00:22:27.503> ones<00:22:28.066> who<00:22:28.888> are<00:22:28.968> determined<00:22:29.693> at<00:22:29.854> all<00:22:30.016> costs,<00:22:30.644> no<00:22:30.740> matter<00:22:30.966> what,<00:22:31.449> you<00:22:31.546> know,<00:22:31.707> the<00:22:31.787> markets,<00:22:32.367> etc.,<00:22:33.398> throws<00:22:33.575> at<00:22:33.656> them,<00:22:33.978> to<00:22:34.284> be<00:22:34.429> able<00:22:34.751> to<00:22:34.945> survive<00:22:35.477> and<00:22:35.656> thrive.

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And<00:22:37.138> not<00:22:37.350> everybody's<00:22:37.757> built<00:22:37.919> that<00:22:38.164> way.

00:22:38.896 --> 00:22:49.383
And,<00:22:39.466> you<00:22:39.629> know,<00:22:39.727> really<00:22:40.036> looking<00:22:40.476> for<00:22:40.704> that,<00:22:43.637> that<00:22:43.879> ability<00:22:44.444> to<00:22:44.605> just<00:22:44.847> keep<00:22:45.154> going<00:22:45.493> no<00:22:45.590> matter<00:22:45.880> what<00:22:45.977> the<00:22:46.042> circumstances<00:22:46.946> is<00:22:47.026> something,<00:22:47.317> because<00:22:47.511> we<00:22:47.591> invest<00:22:47.930> so<00:22:48.221> early,<00:22:48.479> that<00:22:48.576> we<00:22:48.786> really<00:22:49.028> look<00:22:49.351> at.

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Because<00:22:50.077> everybody<00:22:50.352> can<00:22:50.497> have<00:22:50.658> an<00:22:50.739> idea.

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It's<00:22:51.901> like<00:22:52.812> when<00:22:52.973> we<00:22:53.053> do<00:22:53.149> our<00:22:53.294> due<00:22:53.454> diligence,<00:22:54.562> it's<00:22:54.803> like,<00:22:54.979> what<00:22:55.076> have<00:22:55.220> you<00:22:55.364> actually<00:22:55.766> done?

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Can<00:22:56.504> you<00:22:56.729> execute?

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And<00:22:58.543> there's<00:22:58.751> a<00:22:58.912> lot<00:22:59.136> of<00:22:59.313> very<00:22:59.634> smart<00:23:01.079> people<00:23:01.544> out<00:23:01.640> there,<00:23:02.186> but<00:23:02.347> in<00:23:02.443> terms<00:23:02.764> of<00:23:02.989> actually,<00:23:03.390> you<00:23:03.486> know,<00:23:03.647> rolling<00:23:03.887> their<00:23:03.984> sleeves<00:23:04.433> up<00:23:04.995> and,<00:23:05.396> you<00:23:05.428> know,<00:23:05.653> doing<00:23:06.135> the<00:23:06.215> work,<00:23:06.953> it's<00:23:07.820> a<00:23:07.836> lot<00:23:07.996> less.

00:23:08.943 --> 00:23:24.957
And<00:23:09.024> so<00:23:09.586> I<00:23:09.650> think<00:23:09.907> the<00:23:09.987> ability<00:23:10.388> to<00:23:10.549> execute<00:23:11.817> and<00:23:11.913> then<00:23:12.298> the<00:23:12.394> ability<00:23:13.502> to<00:23:13.823> have<00:23:14.016> the<00:23:14.080> self-awareness<00:23:15.524> that<00:23:15.749> you<00:23:16.006> alone<00:23:16.391> cannot<00:23:16.648> do<00:23:16.808> everything,<00:23:18.157> um,<00:23:18.494> and<00:23:18.574> that<00:23:18.799> you<00:23:18.975> need<00:23:19.136> to<00:23:19.280> identify<00:23:19.922> your<00:23:20.083> strengths<00:23:21.286> and<00:23:21.366> then<00:23:21.687> hire<00:23:22.248> the<00:23:22.360> team<00:23:23.066> that<00:23:23.290> can<00:23:23.530> plug<00:23:23.931> those<00:23:24.348> weaknesses.

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I<00:23:25.855> get<00:23:26.272> red<00:23:26.496> flags<00:23:26.849> when<00:23:26.977> I<00:23:27.057> hear<00:23:27.170> an<00:23:27.298> entrepreneur<00:23:27.715> that<00:23:27.859> thinks<00:23:28.019> they<00:23:28.115> can<00:23:28.276> do<00:23:28.500> everything,<00:23:29.061> right?

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It's<00:23:29.382> like,<00:23:29.638> you<00:23:29.718> can't.

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You<00:23:30.296> need<00:23:30.504> to<00:23:30.664> build<00:23:30.905> that<00:23:31.081> team<00:23:31.562> that<00:23:31.722> can<00:23:31.883> step<00:23:32.203> in.

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And<00:23:33.165> honestly,<00:23:33.422> you<00:23:33.486> shouldn't<00:23:33.790> be<00:23:33.886> doing<00:23:34.111> that<00:23:34.351> because<00:23:35.233> you<00:23:35.265> need<00:23:35.409> to<00:23:35.490> be<00:23:35.570> focusing<00:23:36.051> on<00:23:36.275> other<00:23:36.451> things.

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Um,<00:23:37.958> grit,<00:23:38.535> the<00:23:39.016> ability<00:23:39.417> to<00:23:39.561> hire,<00:23:40.780> and<00:23:40.860> just<00:23:41.004> a<00:23:41.100> really<00:23:41.501> clear,<00:23:42.046> like,<00:23:42.367> vision<00:23:43.249> and<00:23:43.345> mission.

00:23:44.130 --> 00:23:46.102
Those<00:23:44.387> are<00:23:44.483> the<00:23:44.691> things<00:23:44.932> we<00:23:45.012> look<00:23:45.172> for<00:23:45.349> in<00:23:45.429> entrepreneurs.

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And<00:23:46.230> then<00:23:47.016> a<00:23:47.048> step<00:23:47.916> away<00:23:48.157> from<00:23:48.318> the<00:23:48.398> entrepreneur<00:23:49.202> is<00:23:49.362> 3<00:23:49.603> things<00:23:49.925> we<00:23:50.069> look<00:23:50.311> at:<00:23:50.889> team,<00:23:51.194> timing,<00:23:51.532> TAM.

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Because<00:23:54.730> if<00:23:54.826> you<00:23:54.922> don't<00:23:55.147> have<00:23:55.308> all<00:23:55.405> those<00:23:55.630> 3<00:23:55.790> things<00:23:56.112> lined<00:23:56.417> up,<00:23:57.237> it's—<00:23:58.024> you<00:23:58.057> could<00:23:58.185> have<00:23:58.378> a<00:23:58.442> great<00:23:58.683> team<00:23:59.005> building<00:23:59.246> something<00:23:59.567> at<00:23:59.648> the<00:23:59.712> wrong<00:23:59.969> time,<00:24:00.998> right?

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It's<00:24:01.271> a<00:24:01.336> very<00:24:01.496> interesting<00:24:01.962> thing<00:24:02.123> right<00:24:02.236> now<00:24:02.541> with<00:24:02.766> AI.

00:24:03.811 --> 00:24:08.920
Um,<00:24:04.213> or<00:24:04.454> you<00:24:04.631> can<00:24:04.872> have,<00:24:05.277> you<00:24:06.086> know,<00:24:06.313> a<00:24:06.475> huge<00:24:06.831> TAM<00:24:07.220> but<00:24:07.382> the<00:24:07.463> wrong<00:24:07.706> team—<00:24:07.965> that's<00:24:08.191> never<00:24:08.369> going<00:24:08.467> to<00:24:08.596> work.

00:24:09.001 --> 00:24:15.743
So<00:24:10.458> I<00:24:10.474> think,<00:24:10.766> you<00:24:10.798> know,<00:24:11.025> the<00:24:11.284> stars<00:24:11.656> have<00:24:11.818> to<00:24:11.932> align<00:24:12.304> there,<00:24:12.968> and<00:24:13.049> that's<00:24:14.092> Yeah,<00:24:14.253> that's,<00:24:14.557> that's<00:24:14.733> an<00:24:14.830> interesting<00:24:15.214> way<00:24:15.310> to<00:24:15.455> put<00:24:15.631> it.

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Finally,<00:24:17.522> we<00:24:17.682> end<00:24:17.779> every<00:24:17.923> interview<00:24:18.163> with<00:24:18.259> the<00:24:18.340> same<00:24:18.564> question,<00:24:19.061> and<00:24:19.141> that<00:24:19.317> is<00:24:19.462> at<00:24:19.542> CEO.com,<00:24:20.327> we<00:24:20.423> believe<00:24:20.664> the<00:24:20.744> chances<00:24:21.145> one<00:24:21.465> gives<00:24:22.026> is<00:24:22.186> just<00:24:22.363> as<00:24:22.427> important<00:24:22.683> as<00:24:22.811> the<00:24:22.892> chances<00:24:23.212> one<00:24:23.372> takes.

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When<00:24:24.655> you<00:24:24.831> hear<00:24:24.991> that,<00:24:25.232> who<00:24:25.392> gave<00:24:25.552> you<00:24:25.696> a<00:24:25.712> chance<00:24:26.033> to<00:24:26.129> get<00:24:26.289> you<00:24:26.370> to<00:24:26.498> where<00:24:26.674> you<00:24:26.834> are<00:24:26.995> today?

00:24:27.636 --> 00:24:29.431
So<00:24:27.796> the<00:24:27.876> first<00:24:28.117> people<00:24:28.373> to<00:24:28.501> talk<00:24:28.613> about<00:24:28.934> is<00:24:28.998> my<00:24:29.142> parents.

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I'm<00:24:29.559> sure<00:24:29.864> everybody<00:24:30.264> says<00:24:30.585> that,<00:24:30.922> but<00:24:31.787> I<00:24:32.124> have<00:24:32.284> an<00:24:32.364> immigrant<00:24:32.685> mother,<00:24:33.470> immigrant<00:24:33.790> mentality.

00:24:35.794 --> 00:24:42.125
You<00:24:35.874> know,<00:24:36.355> make<00:24:36.595> the<00:24:36.659> most<00:24:36.948> of<00:24:37.012> the<00:24:37.092> opportunities<00:24:37.797> you<00:24:37.878> have<00:24:38.070> today<00:24:38.615> because<00:24:39.240> you<00:24:39.320> literally<00:24:39.721> have<00:24:39.817> family<00:24:40.138> members<00:24:40.618> who<00:24:40.843> would<00:24:41.019> kill<00:24:41.340> for<00:24:41.516> what<00:24:41.724> you<00:24:41.901> do.

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And<00:24:43.204> then<00:24:44.355> people<00:24:44.647> like<00:24:44.906> Troy,<00:24:45.490> who<00:24:45.733> came<00:24:46.122> in<00:24:46.366> and<00:24:46.528> kind<00:24:46.706> of<00:24:46.852> opened<00:24:47.111> my<00:24:47.419> eyes.

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Um,<00:24:50.351> I<00:24:50.367> mean,<00:24:50.996> Troy<00:24:51.221> is<00:24:51.399> an<00:24:51.495> amazing<00:24:52.124> human<00:24:52.447> being<00:24:52.850> and<00:24:53.511> super<00:24:53.817> humble<00:24:54.221> at<00:24:54.301> the<00:24:54.398> same<00:24:54.704> time.

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Um,<00:24:57.519> and<00:24:57.601> then<00:24:58.093> honestly,<00:24:58.437> my,<00:24:58.683> my<00:24:58.928> business<00:24:59.502> partner,<00:25:00.141> Asia.

00:25:02.605 --> 00:25:03.774
She's—<00:25:02.625> we<00:25:02.770> took<00:25:02.884> a<00:25:02.948> chance<00:25:03.353> on<00:25:03.434> each<00:25:03.661> other.

00:25:03.855 --> 00:25:08.403
I<00:25:03.920> think<00:25:04.082> we<00:25:04.162> saw<00:25:04.421> something<00:25:04.810> very<00:25:05.053> special<00:25:05.862> in<00:25:06.008> each<00:25:06.251> other,<00:25:06.429> and<00:25:06.510> we<00:25:06.590> knew<00:25:06.833> that<00:25:06.995> we<00:25:07.141> were<00:25:07.238> very<00:25:07.707> complementary.

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And<00:25:08.614> by<00:25:08.695> the<00:25:08.840> way,<00:25:09.019> that's<00:25:09.261> the<00:25:09.342> hardest<00:25:09.909> thing<00:25:10.135> to<00:25:10.233> find,<00:25:10.864> like<00:25:11.893> in<00:25:12.037> a<00:25:12.133> co-founding<00:25:12.935> team.

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Like,<00:25:14.313> most<00:25:14.682> partnerships<00:25:15.404> and<00:25:15.500> startups<00:25:16.045> fail<00:25:16.445> because<00:25:16.702> of<00:25:16.782> that<00:25:17.087> dynamic.

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And<00:25:19.411> given<00:25:19.732> kind<00:25:19.924> of<00:25:20.132> what<00:25:20.453> we've<00:25:20.709> been<00:25:21.014> through<00:25:21.431> both<00:25:21.751> personally<00:25:22.393> and<00:25:22.617> professionally<00:25:23.419> over<00:25:23.755> the<00:25:23.835> last,<00:25:24.284> like,<00:25:24.477> decade<00:25:24.941> or<00:25:24.974> so,<00:25:26.304> we<00:25:26.384> feel<00:25:26.544> like<00:25:26.705> we're<00:25:26.801> bulletproof<00:25:27.362> at<00:25:27.442> this<00:25:27.602> point.

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It's<00:25:27.987> like,<00:25:28.083> throw<00:25:28.548> anything<00:25:28.885> at<00:25:29.109> us,<00:25:30.071> personal,<00:25:30.792> professional,<00:25:32.251> we've,<00:25:32.652> uh,<00:25:33.053> we've<00:25:33.213> figured<00:25:33.534> it<00:25:33.678> out.

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So<00:25:34.255> I<00:25:34.271> mean,<00:25:36.098> to<00:25:36.243> her<00:25:36.579> for<00:25:36.756> taking<00:25:37.140> the<00:25:37.221> chance.

00:25:38.006 --> 00:25:39.481
Rachel,<00:25:38.327> thank<00:25:38.567> you<00:25:38.599> so<00:25:38.759> much<00:25:39.064> for<00:25:39.144> coming<00:25:39.385> on.

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Seriously,<00:25:39.930> what<00:25:40.042> an<00:25:40.170> honor.

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Oh<00:25:40.827> no,<00:25:41.068> thank<00:25:41.372> you<00:25:41.469> for<00:25:41.693> having<00:25:41.949> me,<00:25:42.110> and<00:25:42.911> I<00:25:43.152> it<00:25:43.232> was<00:25:44.181> useful,<00:25:44.583> interesting,<00:25:45.178> inspiring.

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It<00:25:46.352> was,<00:25:46.609> it<00:25:46.673> was<00:25:46.834> all<00:25:47.011> those<00:25:47.236> things.

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Thanks<00:25:47.959> so<00:25:47.991> much.